UK Government Finalises Mandatory Disclosure Rules

The UK Government has published the final version of regulations on 17 January 2023 that will give effect to the UK's mandatory disclosure rules ("UK MDR"). The International Tax Enforcement (Disclosable Arrangements) Regulations 2023 (Statutory Instrument SI 2023/38) come a little over two years after the UK Government announced that it intended to replace the UK's DAC 6 regulations with the Organisation for Economic Cooperation and Development ("OECD") model mandatory disclosure rules (as previously covered here) as part of the UK's departure from the EU. The UK MDR will come into force on 28 March 2023 and will apply to arrangements entered into on or after this date.

The UK Government consulted on draft regulations from November 2021 with the response to the consultation being published in November 2022. There were limited changes between the draft regulations and the final regulations. However, the most significant change in the final version of the regulations